07262022 BUSINESS

business@tribunemedia.net

MONDAY, JULY 25, 2022

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‘Don’t take Kalik bottle’ to carbon trading fight

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must “take a gun to a gunfight as opposed to a Kalik bottle” if it wants “to be ahead of the game” in developing carbon credits and their trading, a well-known banker is urging.

Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told a digital assets webinar that The Bahamas must take the lead in developing its own carbon trading platform and valuations if it believes there is “a significant depth” of natural resources that can be monetised into a multi-million dollar commodity.

Arguing that this nation “cannot wait” for the global carbon industry to make the running, he added that The Bahamas needs to be “on an intellectual par” with rival

• Banker: ‘Be ahead of game’ if you’re convinced • Urges ‘don’t wait’ on trading platform’s creation • Bahamas must be on ‘intellectual par’ with rivals players if it is to “negotiate equitable pricing” for seagrass and mangrove assets responsible for trapping huge quantities of carbon dioxide circulating in the earth’s atmosphere.

Responding after he was asked about potential links between digital assets and carbon credits, both sectors that the Davis administration has

targeted as priorities for economic development, Mr Bowe said that when it came to the latter The Bahamas needs those with the necessary environmental and financial knowledge to be the ones talking publicly about the potential and what needs to be done.

“It’s important to highlight we need those with

the knowledge to speak, not those that get the microphone to put in front of themselves,” he added.

Mr Bowe said The Bahamas needed a clear vision to act now, and develop a strategy for converting its environmental assets into a carbon-trapping commodity, if it truly believes this gives it a competitive advantage over the rest of the world.

“If we build it, will they come?” he asked.

“We cannot wait for the carbon

SEE PAGE B6

GOWON BOWE

‘Patronising’ Medical Council move caused family break-up

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SUPREME Court judge has slammed the Bahamas Medical Council’s “dismissive and patronising” approach to rejecting an expatriate doctor’s bid to be licensed as a radiology specialist - a decision that forced her family to split-up.

Justice Loren Klein, in a July 22, 2022, verdict branded the regulatory body’s attitude towards Dr Gauri Shirodkar as “perplexing” as he overturned its rejection and ordered that her

registration application be reconsidered.

A qualified medical doctor and radiologist, who had previously been licensed by the Council and employed by the Public Hospitals Authority (PHA) for almost a decade between December 2010 and December 2019 as a “radiology registrar”, Dr Shirodkar’s troubles began when she applied to be licensed as a specialist in June 2020 ahead of going into private practice in The Bahamas.

“Her hopes were dashed in three terse lines in a

SEE PAGE B8

Bahamas ‘can’t sit on laurels’ over digital assets regulation

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Securities Commission’s top executive has warned that The Bahamas “cannot sit on our laurels” as she disclosed that further reforms to tighten digital assets regulation will be unveiled “in the next few months”.

Christina Rolle, its executive director, told a webinar debating the Government’s Digital Assets Policy white paper that stable coins, and how such investments are held by exchanges and custodians, will be a regulatory priority as it seeks

CHRISTINA ROLLE to build on the supervisory foundations laid by the Digital Assets and Registered Exchanges Act. Asserting that this law, passed in 2020, provides

SEE PAGE B7

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LinkedIn gives VAT alert to Bahamians

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIANS have been alerted that LinkedIn, the professional networking app, has become the latest digital economy app to impose 10 percent VAT with effect from July 21, 2022.

The move has caused consternation among several local LinkedIn users, with one telling Tribune Business yesterday he will not be renewing his annual subscription given that it appears this payment, too, has now become VAT-able.

Franklyn Robinson, chief executive of Aqua Development Company (Bahamas), questioned how VAT could be levied when he was not purchasing goods or services from or via LinkedIn, adding that the app was about social and career networking rather than transacting commerce.

Asserting that this amounted to government overreach, and was akin to monitoring and interference in private citizens’ lawful activities, he told this newspaper: “What you’re doing online as a private

person, private citizen, how does that become a concern of the Bahamas government for them to taxing it?

“I don’t understand that and don’t agree with that. I don’t remember seeing anything published in relation to that. It’s a social gathering. You’re reading articles from people saying what they’re doing in their career and business. It creates a network where you’re exchanging information.

There’s no benefit other than socialising. For the Government to tax you for socialising.....

LinkedIn’s message said 10 percent VAT will be imposed on “subscriptions and other paid service purchases” that it offers. Mr Robinson said: “They sent that out to me because my renewal is next month. That means I will not be renewing. It doesn’t make any sense to me. That’s probably about $39 that I will have to pay 10 percent VAT on for my renewal.

“I don’t agree with that.

There’s no transaction, no business being transacted.

It’s not like you’re purchasing something coming to you. I don’t understand

SEE PAGE B7

PAGE 2, Monday, July 25, 2022

THE TRIBUNE

BAHAMAS FIRST SUBSIDIARY IN SCOTIABANK PARTNERSHIP

A BAHAMAS First subsidiary has sealed a partnership with Scotiabank (Bahamas) that will see it offer property and casualty insurance products to the latter’s customers in-branch.

NUA Insurance Agents & Brokers, in a statement, said what it described as a ‘strategic business referral partnership’ will enable its customer service representatives to be present inside major Scotiabank branches in New

Providence and Grand Bahama.

It was careful to emphasise there is “no obligation” for Scotiabank clients to purchase homeowners, auto or any of the other insurance products it offers, no doubt mindful that some rivals may argue the move is anti-competitive. Instead, it said the bank’s customers will have “access” to explore NUA’s property and casualty insurance services.

NUA said the deal will enhance its efforts to expand distribution, while from Scotiabank’s perspective it will “enhance the value proposition” for its customers. After a successful pilot initiative, NUA representatives are now available on-site in Scotiabank’s Thompson Boulevard, Cable Beach and Nassau main branches, and at the Freeport branch, to discuss personalised products that will help newly-approved

loan customers safeguard their home and auto purchases.

Stanford Charlton, NUA’s managing director, said the insurance agency’s success in this venture will be driven by its multi-channel sales and support platforms. These include a digital portal, online chat and in-branch service, plus flexible payment options that will allow policyholders who cannot - or prefer not to - pay their full annual premium upfront to pay online in ten monthly interest-free instalments.

Mr. Charlton added: “This agreement demonstrates NUA and Scotiabank’s joint commitment to closing the protection gap in The Bahamas, and shared ambition to becoming partners in the customer’s life journey.

“Scotiabank offers the borrowing public the financing to bring their dreams to life, and NUA provides them with the insurance solutions to safeguard those dreams. We foresee that this partnership will benefit Scotiabank’s customers by providing them with easy access to insurance solutions that suit their growing needs.”

Deborah Kitchen, Scotiabank’s Toronto-based director of products, distribution and digital for the Caribbean, Central America & Uruguay, said: “We are so thrilled to be entering into this partnership with NUA. For Scotiabank customers, it is a ‘win-win’ because we, as a leader in the financial services business, are partnering with the leader in the insurance field to create added value.”

“Scotiabank takes delight in placing customers in their dream home, and so we are very pleased to partner with NUA who can help them to protect and safeguard this significant investment,” said Na-amah Barker, Scotiabank’s director of retail banking for Caribbean north.

“This partnership is one that we have been working on for quite some time.

We are very excited about it. We know that it will be mutually beneficial for both companies and offers great options for all of our customers.”

Bahamas First Holdings, NUA’s 100 percent owner, will maintain its role as the underwriter for all insurance contracts issued under the NUA-Scotiabank tie-up.

NUA Insurance Agents & Brokers and Scotiabank (Bahamas) celebrate the ‘win-win’ of a strategic business referral partnership between the two companies. Pictured (L to R): Stanford Charlton, managing director, NUA; Deborah Kitchen, director of products, distribution and digital - Caribbean, Central America & Uruguay, Scotiabank; Na-amah Barker, director of retail banking - Caribbean North, Scotiabank; Candice Thompson, supervisor, personal lines, NUA; Kara Davis, manager, credit risk, Scotiabank; Warren Rolle, group senior vice-president and chief operating officer, Bahamas First General Insurance Company; Deborah McKinney, group operations and special projects manager, Bahamas First Corporate Services; and Andrae Thompson, group chief financial officer, Bahamas First Corporate Services.

THE TRIBUNE

Monday, July 25, 2022, PAGE 3

BAHAMAS MUST ‘LEVITATE’ ABOVE DIGITAL EVOLUTION

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas “needs levitation devices” to rise above the rapidly-evolving digital assets space so that regulation lands wherever the “ground shifts”, a prominent banker is arguing.

Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told a digital assets webinar that it was vital that this nation keep abreast of the industry’s innovation and creativity “if we are serious about being a major player in the sector”.

Describing the Government’s recently-unveiled Digital Assets Policy white paper as “an introductory statement, not a concluding statement”, he backed

the Davis administration’s decision to set down “a marker” in terms of its policy objectives for the digital assets industry and how it sees the sector evolving.

Reiterating that regulators such as the Securities Commission are “not people’s priests” or “their caretaker”, Mr Bowe said supervisory efforts needed to focus on transparency, consumer education and the quality of information provided to investors.

Arguing that the Digital Assets and Registered Exchanges Act has “set the foundation” for supervising a fast evolving digital assets sector, he asserted: “If we are serious about being a major player we have to understand the ground

CHRISTINA ROLLE underneath us is continually shifting.

“So we almost need to have levitation devices to allow us to levitate as the ground shifts underneath us and still land where that ground moves to.” Mr Bowe warned that if The Bahamas

“doesn’t get it right and keep it right” when it comes to digital assets regulation, “the actual risk is monumental”.

Meanwhile, Christina Rolle, the Securities Commission’s executive director, said The Bahamas should “embrace” calls by the likes of the European Union (EU) for “best in class regulation” of the digital assets space provided this was based on principle as opposed to a “prescriptive” set of policies.

Asserting that there was no sign of any regulatoryrelated threat directed by the EU or Organisation for Economic Co-Operation and Development (OECD) towards The Bahamas’ digital asset ambitions, she said: “I’ve not heard any

NO BANK FALL-OUT ON ‘UNFRIENDLY’ RUSSIA

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Central Bank’s governor yesterday reassured “there is no material impact to The Bahamas’ financial sector” from Russia’s decision to name this nation among “unfriendly” countries opposed to its invasion of Ukraine.

John Rolle issued the short statement to Tribune Business in response to Russia’s July 24 decision to include The Bahamas among jurisdictions with whom it will only settle financial obligations, or debts, in its own rouble currency rather than US dollars.

In reply, the Central Bank of The Bahamas said the move by Vladimir Putin and the Kremlin - said to have been made in retaliation for this nation banning financial transactions with Moscow’s ministry of finance and own central bank - would have virtually no impact because less than 1 percent of deposits in the banking system are exposed to Russia.

While Russia’s actions will impact credit and other claims due from that nation to individuals and entities in The Bahamas, the effect is far from material. “Outcomes of this nature were expected,” the Central Bank said.

“The Central Bank of The Bahamas does not anticipate any material impact of the measures on Bahamas-based banks and trust companies. The level of direct exposures to Russian entities remains below thresholds that would destabilise the operations of any affected Bahamian financial institution.

“Based on the Central Bank’s recent survey, Russian exposures held in The Bahamas equated to around 1 percent of the system’s total deposits and about the same fraction of custodial assets. In the meantime, the Central Bank of The Bahamas reminds supervised financial institutions that the directives issued by the

Deputy Park Warden Bahamas National Trust New Providence, Bahamas

The Bahamas National Trust (BNT) seeks to engage a Deputy Park Warden who will be responsible for Park enforcement, surveillance, species, and habitat monitoring.

Responsibilities: • Support and carry out the mission of the BNT • Conduct patrols in the National Park • Enforce Park regulations • Ensure the safety and well-being of all park visitors • Use of technology in enforcement and surveillance of the park • Manage the natural resources of the park • Assist with scientific research and data collection in the park Required Skills & Qualifications: • High School Diploma with at least 5 BGCSEs (“C” grades and above) • A strong swimmer who is comfortable with using snorkel gear • Proficient with Microsoft Word, Excel, and PowerPoint • Strong verbal and written communication skills • Valid Driver’s Licence • Able to drive standard shift is a plus Please visit bnt.bs/get-involved/join-the-team/ to apply by 5:00 PM on August 5th, 2022.

Bahamas group of financial services regulators on 12 March, 2022, remain in force.”

The Ministry of Foreign Affairs, in a statement yesterday, added that “the impact is more symbolic than real” from Russia’s actions. It added: “We have committed no unfriendly acts against Russia in the objective sense of that word.”

The Central Bank said back then that international banks and trust companies based in The Bahamas had about $420m in deposits, and $2.5bn in custody or trust assets, for whom the ultimate beneficial owners were from or connected to Russia. That information was correct up to February 28.

“The greatest proportion of Russian exposure would be linked to the international sector. However, the Central Bank is currently canvassing domestic financial institutions - that is the commercial banks, money transmission business and electronic money service providers - to ascertain any level of exposure within those sectors,” it added. “The information disclosed today are aggregates for the international banking and trust sector, and not specific to any sanctioned interests.”

pronouncements from the EU with respect to this space apart from the statement made calling for global regulation. I’ve not heard anything from the OECD with respect to this space either.”

Only the Financial Action Task Force (FATF) has moved to strengthen its anti-money laundering and counter terror financing guidance for digital assets - something that The Bahamas is seeking to be re-rated on now following further recent reforms.

“I think it would be a bit premature for us to anticipate what I would consider to be an attack by any of these organisations,” Ms Rolle said. “I think we should embrace the EU call for global policies and global

co-ordination in regulation.

As long as those policies are principle-based and not prescriptive we should embrace them.

“I say that because we don’t want this space to be exposed to circumstances where certain regulators in certain jurisdictions have minimum standards for their framework while others are allowing Wild West circumstances. Any jurisdiction that wants to be best in class would support a minimum standard for regulation, and as far as the EU calling for that, it’s something that The Bahamas should embrace and support.

“I don’t think we should anticipate that we would be under any competitive threat by any of these organisations.”

‘BALANCING ACT’ TO TACKLE PETROLEUM DEALER ISSUES

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Prime Minister’s spokesperson says the Government is still trying to find a formula that brings the relief demanded by gas station operators but without inflicting more financial pain on already-struggling consumers.

Clint Watson said described negotiations with the Bahamas Petroleum Retailers Association as “a balancing act”, given that the 50 percent per gallon of gas margin increase sought by dealers would further increase already-high costs for consumers.

“We have to find a way to ensure that everybody is able to survive,” he explained. “It’s a balancing act, and so those are the questions we continue to find. What can you do for the retailers and petroleum dealers that you may be able to bring some level of relief to them, without them having to raise costs, so they can still do business in the country and be successful at it? But yet consumers can still be able to afford to go to the pumps and fill up their cars.”

Petroleum dealers have been seeking a revamp of

their price-controlled, fixedmargin model which makes the industry purely a volume-driven business. With higher oil prices increasing the sums they have to pay the three major oil companies for their fuel inventory, gas station operators say their gross margins are now to low to cover rents, employee payroll, and rising bank (overdraft and credit card) charges. As a result, some may be forced out of business.

However, Senator Michael Halkitis, minister of economic affairs, has rejected the idea of a margin increase due to fears about the impact higher prices will have on consumers. While global oil prices have fallen slightly, they remain relatively high, standing at $95.08 per barrel on the West Texas Intermediate indice and at $103.8 for Brent crude.

Some have argued that the Government is merely trying to prolong talks with the retailers, and is effectively using the negotiations as a stalling tactic, in the hope that global oil price volatility will ease sufficiently - and the war between Russia and Ukraine end - so that the

SEE PAGE B6

PAGE 4, Monday, July 25, 2022

THE TRIBUNE

SIR RICHARD GIVES BUSINESS VIRGINS ENTREPRENEURIAL HELP OUTSPOKEN businessman Sir Richard Branson shared his wisdom with 30 Bahamian entrepreneurs last week during Virgin’s Small Business Bootcamp on Bimini.

Celebrating his birthday trip on Virgin Voyages, he also helped establish the Sea Change Fund to support mangrove conservation.

The cruise line, in partnership with the Branson Centre of Entrepreneurship, hosted the three-day Small Business Bootcamp to empower Bahamian business owners and aspiring entrepreneurs. Hosted at Resorts World Bimini, the 30 entrepreneurs received hands-on training on business modelling and participated in one-on-one consultations with Branson Centre officials on how

to overcome their specific business challenges.

Sir Richard, who made an appearance while the Scarlet Lady cruise vessel was docked in Bimini, shared his own entrepreneurial tips from more than 50 years in business. He said: “Don’t be afraid to fail. The key to entrepreneurship is persistence - it’s important to never give up. Lean on the network of people around you, including those beside you in this room today.”

Virgin Voyages collaborated with the Ministry of Tourism and Resorts World to make the event possible, a statement from the cruise line said. Jill Stoneberg, Virgin Voyages’ senior director of sustainability and social impact, said: “This three-day training event is the latest

demonstration of our commitment to the incredible island of Bimini. We want to ensure that the local economy benefits from increased tourism to the island and the community gets excited when they see our ships in port.”

Virgin Voyages also teamed with Virgin Unite, the independent foundation of the Virgin Group, to create a Sea Change Fund to support mangrove forest restoration projects in the Caribbean. “Working with Virgin Unite, we believe this is a start of an exciting program of work that will create an epic sea change in mangrove conservation across the region and act as a blueprint for other parts of the world,” Ms Stoneberg said.

Photo:Carlos Pita

DPM and senior officials in downtown Nassau tour CHESTER Cooper, deputy prime minister and minister of tourism, investments and aviation, last week toured areas of Downtown Nassau, along with senior officials from his ministry and Royal Bahamas Police Force officers.

It gave him an opportunity to interact with Bahamian tourism stakeholders, including artisans; taxi drivers and transportation providers; stall workers; musicians; downtown police officers; and tourists. Mr Cooper was accompanied by acting director-general of

tourism, Latia Duncombe; deputy director-general, Dr Kenneth Romer; Senator Randy Rolle, global relations consultant and senior advisor; and Ian Ferguson, executive director of the Tourism Development Corporation.

Photos:Eric Rose/BIS

THE TRIBUNE

Monday, July 25, 2022, PAGE 5

The end of the show

By CHRIS ILLING Business Developer ActivTrades Corp

A

lmost no other company has shaped the world of film and television in recent years like Netflix. The video service has shaken the balance of power in Hollywood. It positioned itself as anti-television that does not force its customers into a rigid program, does not expect them to advertise, and releases whole seasons of series at once instead of every week.

With similar aggression, Netflix threw itself into the film business and thus conveyed the message to its subscribers that they no longer had to go to the cinema for new titles. Its success attracted imitators, including established entertainment giants such as Disney, while Warner Brothers were developing their own streaming services as well as outsiders

When Netflix’s stock seemed to know no bounds to user growth, the company’s valuation did not matter. But now investors are looking much more at the metrics. After more than a decade of steady growth, subscriber numbers have fallen for two straight quarters. The video streaming service lost less than half as many subscribers in the past quarter as management had predicted earlier this year. This somehow positive news encouraged investors and the shares rose by around 10 percent last week.

Yet the positive surprise in the quarterly figures for Netflix shares is not enough to improve the loss balance of minus roughly 71 percent since the record high in autumn 2021. The numbers also raise the question of whether the golden age that has often been talked about in the industry is coming to an end.

Business cooled off after a boost at the beginning of

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the pandemic. It was initially suspected that this was a one-off effect rather than deeper causes. After all, the influx of subscribers during the first lockdowns could not always go on like this. But now it is dawning on Netflix that other factors are at play. The withdrawal from Russia and inflation are part of it. But, for the first time, the company also admits it is suffering from increased competition.

This is certainly a grudging admission, because until recently it was demonstratively unconcerned when it came to the competition.

Netflix has long defined and dominated streaming.

Many subscribers considered the video service indispensable; it tied them to itself with a steady stream of popular series.

But the more competition pushed into the market, the more often shows with a “must see” character were found elsewhere. Netflix, on the other hand, has recently been criticised for

NOTICE

NOTICE is hereby given that SUZE DALBERIS of Joe Farrington Road, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PUBLIC HOSPITALS AUTHORITY ADVERTISEMENT DEPUTY DIRECTOR HUMAN RESOURCES PRINCESS MARGARET HOSPITAL (PMH) The Public Hospitals Authority invites applications from suitably qualified persons for the post of Deputy Director Human Resources (PMH).

POSITION SUMMARY: The Deputy Director Human Resources (PMH) is expected to provide leadership and oversight for the day-to-day management of the Human Resources department; the development and implementation of policies and best practices in human resource management.

The Deputy Director HR is expected to assist the Director of Human Resources with a wide variety of professional human resources activities, which include but are not limited to, recruitment & selection, performance evaluation reviews, compensation & benefits, discipline, employee & labor relations and health & safety at the institutional level.

KEY ACCOUNTABILITIES FOR THIS ROLE INCLUDE BUT ARE NOT LIMITED TO THE FOLLOWING: • Provides management oversight for the day-to-day operations; • Coordinates the recruitment and selection processes; • Provides oversight for the appointments, performance evaluations, compensation & benefits and discipline process for employees; • Assists with implementation of strategies for improving accountability, monitoring, evaluation, retention strategies and management reporting within the Human Resources Department; • Assists with the review, interpretation and recommendation for policy, process or program improvements; • Supports the development and implementation of HR initiatives and systems;

• Partners with the various Bargaining Units to improve employee and labor relations; • Ensures adherence to HR policies and procedures; • Conducts periodic audits to ensure that standards and outcomes are congruent with PHA’s policies, procedures and objectives, relevant law and industrial agreements; • Prepares monthly reports on Human Resources activities; • Assists with training initiatives for employees; • Participates at Executive Management Committee level.

EDUCATION/ EXPERIENCE: • Master’s Degree in Human Resource Management or Business Administration (MBA) or Public Administration or related field; • Human Resource Certification (a plus); • Minimum of ten (10) years’ managerial experience at a senior level.

COMPETENCIES: • Strong leadership and management skills; • Strong analytical, communication, negotiation, interpersonal, and organizational skills; • High degree of professional ethics and integrity; • Working knowledge of J D Edwards system; • Strong knowledge of the Employment and Labor laws of The Bahamas; • Proficient in Microsoft Office software; • Demonstrated ability to work independently with limited supervision.

Letter of application and curriculum vitae should be forwarded to the Director of Human Resources, Corporate Office, Public Hospitals Authority, 3rd Terrace West, Centreville; or jobs@phabahamas.org, Nassau, Bahamas no later than July 29th, 2022.

such as Apple and Amazon.

over-emphasising class and releasing too much mediocre material.

The consequence is that subscribers cancel and are less willing than before to accept price increases.

Now the streaming pioneer changes its strategy.

Netflix wants to launch an advertising-financed, cheaper subscription. It is also moving somewhat away from releasing series in their entirety. It is getting closer to the old habits of the industry that it has always distanced itself from.

But sobriety is also spreading beyond Netflix.

After the euphoria of the past few years, when new

streaming services were just throwing money around, there is now more critical questioning of how profitable the business can be.

Even Disney, the most successful Netflix challenger to date, has been suffering losses with its streaming services so far.

Of the many providers that are bustling about in the market today, not all of them will be able to survive.

Streaming will certainly continue to have a decisive impact on media consumption, but it is not a sure-fire success for companies.

PAGE 6, Monday, July 25, 2022

THE TRIBUNE

BTC CHIEF’S SUCCESSOR UNVEILED BY SEPTEMBER THE BAHAMAS Telecommunications Company (BTC) will likely announce a successor to Andre Foster, who is stepping down as the carrier’s senior executive in “a personal decision”, in September.

A BTC spokesperson yesterday confirmed that Mr Foster will not be taking another position within Cable & Wireless Communications (CWC) or its ultimate parent, Liberty Latin America, when he steps down on August 2.

“We don’t have any indication on where he’s going,” they said of Mr Foster. “This is a personal decision for him. This is a decision made by Andre to leave the business.” Asked when his replacement will be unveiled, the BTC spokesperson replied: “We anticipate that perhaps by some time in September that announcement will be made.

We anticipate that announcement will be in a few weeks.”

Inge Smidts, CWC’s chief executive, said in a message to

BTC staff that Mr Foster “has made the decision to leave the business to pursue new opportunities”. She added that he had spent 17 years with the group, including spells as chief information officer for Columbus Communications, then for CWW, before stints as BTC’s chief operating officer and chief technology officer before becoming its top executive in 2021.

“During his tenure with us he made an impact on delivering

fibre-to-the-home and broadband growth, and I especially appreciated the guidance and passionate dedication in our recovery efforts following Hurricane Dorian, as well as his leadership as BTC navigated through the effects of the COVID-19 pandemic,” Ms Smidts said, adding that BTC management will report directly to her starting on August 1, 2022, until a successor is in place.

ANDRE FOSTER

‘Don’t take Kalik bottle’ to carbon trading fight FROM PAGE B1 credit industry to establish around us. If we believe we have a significant depth of carbon credits that can be traded, then we need to take a gun to a gunfight as opposed to a Kalik bottle.

We need to set up where we are trading on an intellectual par.

“We don’t need to be on of the same financial, economic and I’m going to say political power, but we need to be fighting with the same intellectual power. That means when we talk about carbon credits, if we have a well-established financial services sector with competent individuals that will help us as a government

and citizens to formalise a testing platform that allows us to negotiate equitable pricing for our natural resources we understand have value....

“Then what’s important is that we let persons who understand the natural resources and what the value is, they help us establish the value and then

trade it. In this overall discussion, what we have been seeing, because the terms are sexy, people start talking about them but, as my grandmother would say, you may be ignorant but don’t open your mouth and prove it to the world.”

Mr Bowe reiterated that The Bahamas should develop a carbon credit

trading platform to “be ahead of the game” if it was convinced it can develop a competitive advantage in this area. Philip Davis QC, the Prime Minister, has indicated that the Government is moving to do exactly that by confirming it is in initial talks with FTX Digital Markets, the Bahamas-domiciled crypto currency exchange, to develop a mechanism for the listing and trading of the country’s blue carbon credits.

However, Eric Carey, the Bahamas National Trust’s (BNT) executive director, told Tribune Business in a recent interview that this nation “won’t get a dollar from carbon credits for many years” as he backed calls for more direct local ownership in the fledgling industry.

He explained that the process of identifying, verifying and certifying this nation’s various “carbon sinks” - chiefly its seagrass and mangrove assets - to determine their monetary value could take an unknown number of years to accomplish.

Estimates that this could require a $50m-$60m investment were not unrealistic, he added, revealing that the BNT is seeking to work with the Government to determine the potential value of The Bahamas’ national parks and Marine Protected Areas (MPAs) when it comes to sequestering carbon dioxide from the earth’s atmosphere.

And Mr Carey said he “absolutely” backs more direct Bahamian ownership in the entities being formed to fulfill the Davis administration’s carbon credit ambitions, given that the still-evolving sector is being “touted as a very lucrative” opportunity from both a career and investment perspective.

“As has been said by everyone, there’s a process that takes a long time,” he told Tribune Business. “We have to identify our stocks.

We have to go through verification and certification. We won’t get a dollar from carbon credits for many years. It’s a long process that requires sustained investment....

“It depends how quickly we proceed for the first 18-24 months. I don’t think that, until we’ve gone through that immediate period of a year-and-a-half to two years, we will be able to say whether it’s a three, four or five-year period.

It will be determined by how difficult it is to map, find good sinks and get international verification.

That’s the big question. It will take us the first year to two years to make that determination.”

Philip Davis QC, in unveiling legislation designed to regulate the trading of Bahamian carbon credits, indicated that the Government is hoping to move slightly quicker than the timeline outlined by Mr Carey as research has already been completed on “what is now considered to be the largest seagrass meadow in the world in Bahamian waters”.

The findings on that 5,000 square kilometre seagrass plot are due to be submitted to Vera, the environmental verification group, for certification of its potential blue carbon credit value.

This process will ultimately convert such environmental assets into a commodity by monetising them.

The research on this plot was conducted by Beneath The Waves, which was founded in 2013 as a non-profit focused on Marine Protected Areas, threatened species, deep sea conservation and blue carbon, during a shark study in Bahamian waters.

It has subsequently been awarded the management contract for Carbon Management Ltd, together with a 49 percent equity stake in the latter business that will oversee The Bahamas’ carbon market participation.

‘BALANCING ACT’ TO TACKLE PETROLEUM DEALER ISSUES FROM PAGE B3 pressure on Bahamian gas retailers eases.

Mr Watson rejected this, and said: “You can talk to the petroleum dealers yourself and they would tell you that the meetings were productive. The Government is working on their behalf.

People will say anything, but at the end of the day the proof to what people say will be the results that we deliver on.

“So it’s still negotiating, and while I’m happy they are negotiating, you’re seeing at some locations

certain relief and I encourage the consumers look out when you hear some dealers and distributors who are giving relief on gas and taking a bite.

“It depends. Different stations are doing it for different shipments. Shop around and get those deals that are going around, and what you are seeing happening is people are trying to find ways to make it work without saying: ‘Too bad, let’s just increase it.’ And those discussions continue.

While they’re continuing talks are also happening to find relief.”

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Monday, July 25, 2022, PAGE 7

LinkedIn gives VAT alert to Bahamians FROM PAGE B1 that. It’s social interaction.

It’s not a business transaction. I’m going to expect an e-mail to say your government wants us to disclose your private information, and pay tax on it. I don’t support that.”

LinkedIn’s e-mailed warning, which has been seen by Tribune Business, said: “We want to provide you with an important tax update related to Bahamas tax that will impact your LinkedIn purchase(s).

This affects subscriptions and other paid service purchases from LinkedIn. “The Bahamas has introduced tax at 10 percent on e-Services. To comply with these laws and regulations,

this tax will be added to your current LinkedIn purchase starting on July 21, 2022.” Individuals, as the end-consumer, will automatically be charged 10 percent VAT on all their purchases via the app.

“LinkedIn will charge and collect tax on all invoices. Bahamas tax will apply to all customers regardless of the customer’s tax structure,” the app, which is owned

by Microsoft, added. Businesses were told to add their VAT Taxpayer Identification Number (TIN) to their LinkedIn profile “at your earliest convenience”, although they will be able to offset or ‘net off’ any tax payments as a business

expense and thus deduct it from their ‘output’ VAT. Neither Senator Michael Halkitis, minister of economic affairs, nor Simon Wilson, the Ministry of Finance’s financial secretary, responded to Tribune Business calls and messages seeking comment on the Government’s position before press time last night.

However, it appears that LinkedIn has become the latest digital economy player to agree to levy, collect and remit VAT to the Government from transactions involving Bahamian citizens and businesses.

The move seemingly continues a trend begun under the former Minnis administration where taxation

agreements were reached with social media and ‘big tech’ giants.

The Government has been seeking to get ahead of any challenges posed by the digital economy, and ensure due taxes are collected on all goods and services consumed in The Bahamas. While goods and services may be purchased online, or via social media, from entities outside The Bahamas, its approach has been that these are ‘taxable supplies’ and VAT becomes due if they are consumed locally by the end user.

This is also seen as levelling the taxation playing field between the digital and physical economies.

The Government has

already struck VAT taxation deals with the video streaming service, Netflix, and Facebook over the placing of advertisements via the social media site.

While LinkedIn allows employers to post job advertisements, and job seekers to do likewise with their CVs, it is primarily a platform for career networking and professionals. Mr Robinson said its entire ethos was completely different from that of Facebook, agreeing that VAT should be charged on advertisements placed by Bahamians with the latter.

“I know Facebook has an ad element where you can advertise services via Facebook, using it instead

of a local ad agency,” he added. “You’re soliciting business in The Bahamas, transacting business in The Bahamas for services in The Bahamas, so that it taxable.”

The Government has argued that Facebook’s VAT arrangement with The Bahamas was similar to taxation-related agreements it had reached with other countries. It views this as not dissimilar to the partnership between the Government, via the Ministry of Tourism, and Airbnb where the latter has agreed to levy, collect and remit VAT on all Bahamian vacation rental properties marketed via its website.

Bahamas ‘can’t sit on laurels’ over digital assets regulation FROM PAGE B1 the correct mix of robust enforcement teeth and sufficient flexibility to enable the legislation to grow with the industry, she added that The Bahamas has to now account for “specific threats” exposed by recent stable coin and other digital asset collapses.

“When we set out to develop DARE, what we saw in the space was a space that at that time was evolving every three to six months,” Ms Rolle said of the Act. “It was really evolving into something entirely different, and the pace of evolution has not slowed down one bit.

“I think it’s typical that when you see something new in the market, the pace of evolution is very rapid until the area matures. We don’t see maturity yet in the digital assets space. We designed DARE with that in mind. What we sought to so, we put in place a framework to regulate the space in a robust way.”

The Securities Commission chief explained that the DARE Act, enacted under the former Minnis administration, gave the regulator the necessary authority to properly supervise the emerging sector, licensing and registering all proper participants, “but at the same time give us flexibility”.

“In that respect, yes, the DARE Act is adequate,” Ms Rolle said. “What we

have seen since DARE was enacted in 2020, we have seen additional evolution in that space and now need to address some of those things specifically. We have seen specific threats to the market emerging with some of the collapses we have seen over the past few months. Some of these things have to be addressed specifically.

“It’s good that we put the framework in place the way we did because it allows us to react in a very timely way.” She identified stable coin regulation as one priority, as these digital assets were only just starting to emerge when DARE was implemented.

Ms Rolle and other webinar participants, in particular, referenced the collapse of the crypto token, Terra Luna, launched in July 2019 but which, after peaking at highs of $80 per Luna, was last week selling at just $0.0001074 per Luna. While many believed stable coins were assetbacked tokens, Terra Luna was instead backed by an algorithm.

“You’ll see things coming out in the next few months to address stable coins around disclosure, around the value of underlying assets,” the Securities Commission’s executive director

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affirmed. “For us as regulators, the consideration is that we’re going to have to become satisfied with these products calling themselves stable coins.

“Other areas that we have to address in DARE are how client assets are held by exchanges or how they are held by custodians, and how they are held on-balance sheet or offbalance sheet. We have to address these types of issue specifically.

“I want to say that the framework is adequate and has the flexibility to evolve, but we in The Bahamas cannot sit on our laurels and think the framework we put in place in 2020 is good and job done. We have to keep evolving as the space evolves.”

Responding to questions from the webinar moderator about The Bahamas offering “friendlier” regulation, Ms Rolle said she “always bristles” at such terms because some will interpret them as meaning “lax” supervision. “If you look at the [entities] coming to The Bahamas,what they are seeking is best in class regulation,” she added.

“There are jurisdictions that have gone the route of a sandbox, gone the route of a light touch regulatory regime. We’ve gone the route of a a robust regulatory regime. We didn’t want a sandbox regime specifically because we saw it as regulation light. We saw it as an environment where people were allowed to play without regulation.

“In this jurisdiction we said we want to attract firms who want to be partners in building a robust regulatory framework. That was a very strategic decision on our part, and I think what you are seeing is we want to attract larger firms to The Bahamas that want a robust regulatory environment,” Ms Rolle continued.

“I would say we may be friendlier because we took the time to understand the industry, we took the time to understand the space, we wanted to in a very deep way understand the products and understand some of the developments that are emerging which calls for flexibility in our approach....

That is different than what their experience may be in other jurisdictions. In that respect we are friendlier.”

www.bisxbahamas.com

FRIDAY, 22 JULY 2022

BISX LISTED & TRADED SECURITIES 52WK HI 6.70 53.00 2.47 2.61 2.60 6.10 10.05 4.15 9.90 3.65 8.25 17.50 2.65 10.75 11.25 10.85 18.10 4.00 11.00 16.50

52WK LOW 5.30 33.80 1.60 2.20 1.30 5.75 6.96 2.82 5.40 2.27 5.95 9.80 1.99 7.75 10.02 10.00 13.10 3.50 8.20 15.50

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank (Bahamas) Limited Focol Finco J. S. Johnson

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00

1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 1.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 9 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2614.71

0.14

0.01

386.47

17.34

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB9 CHLA FBBA FCLB SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.57 100.43 100.43 100.34 100.23 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.34 99.96 100.43 100.04 100.00 89.62 89.00 90.24 90.73

MUTUAL FUNDS

NOTICE is hereby given that FATIMA ABDELGADIR ABDALLA of P. O. Box EE-17262, #17 Tracker End, Fox Hill, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

become a major presence in the digital assets space. Mr Edwards said “you could tangibly feel the energy permeating through the country” when it held its recent Crypto Bahamas conference at Baha Mar. “There is that great possibility for the spill over of technology for greater inclusion or greater synergies between the traditional financial sector and the emerging sector,” he added. “We would have seen or would have heard that there are multiple applications into the Commission. People are wanting to be here. It’s saying, it signals that The Bahamas is not going to be a loose jurisdiction.

“Persons are agreeing that despite the high standards communicated, it is sufficiently backed and sufficiently moderated that it makes sense to be here....

If properly managed and properly legislated, the intent of being the best player in the Caribbean, and one of the best players in the region - within the global arena - I think it’s really possible.”

MARKET REPORT BISX ALL SHARE INDEX:

NOTICE

Hubert Edwards, principal of Next Level Solutions, a risk management consultancy, told the TCL Group-organised webinar that the Government’s Digital Assets white paper had “outlined the broad guard rails of where we need to go” but there was much work to be done if The Bahamas is to “get it right” and fulfill its ambitions of becoming a true ‘FinTech hub’ for the Western Hemisphere.

He backed the focus on a robust digital assets regulatory regime as a safeguard against rogue entities who were constantly looking for jurisdictions with minimal levels of supervision.

“The Bahamas is saying to the world we are open for business, we want to play in this space, but we are not going to be the lowest one in play,” Mr Edwards said, warning against regulatory arbitrage. “We are not going to run an industry that doesn’t operate on very high standards.”

FTX Digital Markets, one of the world’s largest crypto currency exchanges, has effectively become the flagship entity signalling this nation’s efforts to

52WK HI 2.52 4.69 2.22 207.86 212.41 1.74 1.84 1.83 1.03 9.37 11.83 7.54 16.64 12.84 10.77 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.69 1.75 1.76 0.97 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS76026 BGRS FL BGRS95032 BGRS FL BGRS97033 BGRS FL BGRS75022 BGRS FL BGRS81037 BGRS FL BGRS88028 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS760265 BSBGRS950320 BSBGRS970336 BSBGRS750225 BSBGRS810375 BSBGRS880287 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 6.70 39.95 2.44 2.35 2.51 6.10 9.75 3.88 9.78 3.60 8.00 16.00 2.84 10.27 11.24 10.85 18.10 3.90 11.00 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.45 100.09 100.54 100.34 100.00 89.62 100.00 100.00 100.00

CLOSE 6.70 39.95 2.44 2.35 2.51 6.10 9.75 3.88 9.78 3.60 8.00 16.00 2.86 10.27 11.39 10.85 18.10 3.90 11.00 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

VOLUME

0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.45 100.09 100.54 100.34 100.00 89.62 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

MARKET TERMS

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.15 0.00 0.00 0.00 0.00 0.00

(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.140 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.080 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.56% 4.31% 4.31% 4.43% 4.87% 4.33% 5.55% 5.60% 5.65% 5.69%

NAV 2.52 4.69 2.21 197.44 202.39 1.74 1.84 1.83 0.97 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89

YTD% 12 MTH% 0.99% 4.22% 0.36% 5.78% 0.67% 2.74% -2.97% -2.35% -4.72% 6.04% 1.37% 3.03% 1.19% 5.23% 1.62% 4.13% -5.25% -6.07% -0.02% 10.36% -0.33% 18.23% 0.22% 3.05% -3.89% 14.76% -1.04% -2.57% 0.81% 4.20% N/A N/A 3.00% 25.60% 7.90% 48.70%

P/E 28.0 42.9 N/M 16.8 N/M N/M 26.4 -8.9 69.9 19.6 17.8 22.2 28.0 22.0 17.6 14.9 22.2 19.2 11.7 24.6 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 2.54% 3.15% 0.82% 3.40% 0.00% 0.00% 2.67% 0.00% 0.00% 3.33% 2.75% 4.50% 15.17% 0.58% 2.88% 2.21% 2.98% 3.08% 1.82% 3.94% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 18-Jan-2026 25-Sep-2032 17-Apr-2033 7-Sep-2022 26-Jul-2037 26-Jul-2028 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050

NAV Date 31-Mar-2022 31-Mar-2022 25-Mar-2022 31-Mar-2022 31-Mar-2022 31-May-2022 31-May-2022 31-May-2022 31-May-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Mar-2021 31-Mar-2021 31-Mar-2021

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

PAGE 8, Monday, July 25, 2022

THE TRIBUNE

‘Patronising’ Medical Council move caused family break-up FROM PAGE B1 December 30, 2020, letter from the Council,” Justice Klein recorded. The letter stated: “The Bahamas Medical Council has reviewed your application for specialist registration in radiology.

We regret to inform that your application was denied. The Council was unable to verify your specialist qualification in radiology.”

The judge added: “Somewhat taken aback by this decision, she again wrote to the Council to try to persuade them that she met the statutory qualifications to be registered as a radiology specialist and to reconsider their position. The Council reconsidered but did not relent. In an equally short and cryptic letter dated January 13, 2021, it reiterated that it was “...unable to verify your specialist qualifications in radiology”.

Radiology involves the conduct and analysis of x-rays, a technique frequently used to treat and diagnose illness. Dr Shirodkar sought to overturn the Council’s decision via Judicial Review, challenging the rationale and soundness of its decision-making and the process involved, and while efforts to resolve the dispute out-of-court “looked very promising at one point” they “eventually unravelled”.

In the meantime, The Bahamas’ loss proved the UK’s gain. “Unemployed in the meantime, Dr Shirodkar

made the difficult decision to leave her husband (who is also a medical doctor and radiologist working in The Bahamas) and return half a world away to the UK with her young daughter to seek employment,” Justice Klein noted. “Ironically, she found employment with the National Health Service (NHS) in the UK as a consultant radiologist.”

The Medical Council, which is a statutory body empowered via the Medical Act, is charged with protecting the Bahamian public’s health, safety and well-being by licensing and registering all medical practitioners to ensure they are all properly trained and qualified. The main person giving evidence on its behalf in Dr Shirodkar’s case was Dr Merceline Dahl-Regis, the Government’s former chief medical officer and head of the Minnis administration’s COVID-19 response.

Justice Klein said the Council’s initial response to the doctor’s application on October 5, 2020, was that she needed to supply evidence of her “specialist registration” with the UK’s General Medical Council (GMC). The Bahamian Council’s “review committee” assessed her application on November 23, 2020, recommending that it not be granted, and this was communicated to Dr Shirodkar on December 30, 2020.

She replied on January 5, 2021, setting out

her qualifications and also explaining how she had registered with the GMC as a general practitioner before being offered a consultant radiologist post at Northampton Hospital in the UK. However, the Council again denied the application in a response that was “terse and contained only the very general explanation that the Council was unable to verify the applicant’s specialist qualification”.

Dr Dahl-Regis, in an affidavit, alleged that Dr Shirodkar did not possess the required three years’ training in radiology prior to entering The Bahamas while adding that she did not submit an approved work permit from the Department of Immigration with her application.

This, though, was bitterly contested by the doctor.

And Justice Klein found that the Medical Council’s rejection was unlawful because it did not follow the statutory requirements set out by the Medical Act. This provides that only the Council’s Assessment Committee can review a doctor’s licensing application - not the “Review Committee” referred to by Dr DahlRegis, as it has no legal authority to perform this function.

The judge also found that the process did not give Dr Shirodkar the right to make her case by submitting representations and having the Council consider them as part of the decision-making

process. “I am also satisfied that in the circumstances of this case, the Council failed to give reasons, or failed to give adequate reasons, to the applicant,” Justice Klein found.

“In this regard, it has to be borne firmly in mind that the formal reason (and perhaps the only reason) given to the applicant for refusing registration was simply that the Council was unable to verify her specialist qualifications. There is considerable indeterminacy of meaning in that statement.

“It is not known, for example, whether this was intended to mean that the Council could not determine whether the qualifications or certificates presented by the applicant were authentic, or that they did not know whether they correlated to the qualifications set out under the Schedules” in the Medical Act relating to different specialist practices and their licensing requirements.

Describing the Immigration-related work permit concerns as “a red herring”, as it was not a matter for the Council, Justice Klein found: “In my judgment, the farrago of affidavit evidence presented by the respondent [the Council] after the institution of Judicial Review proceedings,

far from clarifying the decision-making process and the basis on which it was taken, only further exemplified the flaws in the process, as well as the errors in reasoning.

“The conclusion of the Council that the applicant needed to be on the specialist register of the UK GMC to be considered eligible to be registered as a specialist in The Bahamas involved a clear error of reasoning, and there is nothing in the Act that would justify such a conclusion.

“In coming to that conclusion, the Council seemed to conflate the role of the professional body, the GMC, charged with registering medical specialists for the purposes of regulating their practice in the UK, with the academic or clinical qualifications which the [Medical Act] schedule sets out as being acceptable for specialist registration under the Act.” Pointing to Dr Shirodkar’s other qualifications, and work while at PMH, Justice Klein added: “In the circumstances of this case, I would hold that the Council’s logic and process of reasoning in concluding that the applicant was not qualified to be registered as a specialist due to a cited lack of the three

years’ post-graduate training was an irrational and unreasonable decision in the circumstances of this case.....

“While I could not find anything to attribute bad faith or malice to the Council, the dismissive and patronising tone adopted by the Council at times in its affidavits to explain its interaction with the applicant is perplexing. The applicant, as appears from all of the reference letters written on her behalf, is a competent physician, well respected by her colleagues, and it seems most unfortunate and regrettable that she should not be accorded what, to my mind, is the basic professional courtesy one would expect the Council to routinely extend to any registered medical practitioner.”

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Monday, July 25, 2022, PAGE 9

BIDEN’S GLOBAL PROMISES HELD BACK BY POLITICS AT HOME

By CHRIS MEGERIAN, FATIMA HUSSEIN AND ELLEN KNICKMEYER Associated Press

SOON after taking office, President Joe Biden went to State Department headquarters to tell the rest of the world that the United States could be counted on again after four years of Donald Trump’s bull-in-thechina-shop foreign policy.

“America is back,” Biden said, in what has become a mantra.

But keeping his promises on the international stage has proved much more difficult than Biden might have expected. Domestic politics have routinely been a roadblock when it comes to taking action on climate change, taxes and pandemic relief, undermining hopes that Biden could swiftly restore the U.S. to its unquestioned role as a global leader.

The result is an administration straining to maintain its credibility abroad while Biden fights a rearguard action on Capitol Hill. It’s simply more difficult to press other countries to do more to address challenges that span borders when he’s struggling to deliver on those same issues at home.

“Every new thing takes a little bit of the luster off, and contributes to a sense of a struggling president,” said Michael O’Hanlon, the Brookings Institution director of research for foreign policy.

Biden has earned respect for marshaling an international response to the Russian invasion of Ukraine, and the U.S. has shipped more coronavirus vaccines around the world than any other country.

Adrienne Watson, a spokesperson for the National Security Council, said Biden “has restored our alliances, including our essential partnership with Europe, built new platforms and institutions in some of the most relevant regions of the world,” including the

Indo-Pacific, and shown leadership on “the issues that matter the most.”

But his foreign policy record is much more mixed when he needs to secure support in Congress.

Although he has secured close to $54 billion in military and financial assistance for Ukraine — something Watson described as a historic amount delivered with “unprecedented speed” — Republicans remain uniformly opposed to many of his initiatives, and Biden has been hobbled because of disagreements among Democrats.

The latest problem has been the breakdown of onand-off negotiations with Sen. Joe Manchin, D-W. Va., who pulled his support for a potential compromise on legislation to address climate change and create a global minimum tax.

On both issues, Biden had already made pledges or reached an international agreement, but the U.S. commitment is now in doubt.

The global minimum tax is aimed at making it harder for companies to dodge taxes by moving from country to country in search of lower rates. Treasury Secretary Janet Yellen played a leading role in negotiating the deal among 130 countries.

“Reaching this consensus wasn’t easy,” Biden said when the agreement was announced just over a year ago. “It took American vision, as well as a commitment to closely cooperate with our partners around the world. It’s a testament to how leadership rooted in our values can deliver important progress for families everywhere.”

He acknowledged that “building on this agreement will also require us to take action here at home” — and now it looks like that action may not happen.

Biden wanted Congress to pass a proposal that would allow the U.S. to impose extra taxes on

PRESIDENT Joe Biden leaves after speaking about Intel’s announcement to invest in an Ohio chip making facility, at the South Court Auditorium in the Eisenhower Executive Office Building on the White House Campus in Washington, Jan. 21, 2022. Biden is having trouble fulfilling his promises to the rest of the world because of political challenges at home.

Photo:Andrew Harnik/AP companies that aren’t paying at least 15%, either domestically or abroad.

But Manchin objected to tax changes in the legislation that’s currently under consideration, Administration officials said they are not giving up on a plan that they said would “level the playing field for U.S. businesses, decrease incentives to move jobs offshore and close loopholes that corporations have used to shift profits overseas.”

“It’s too important for our economic strength and competitiveness to not finalize this agreement, and we’ll continue to look at every avenue possible to get it done,” said Michael Kikukawa, a Treasury Department spokesman.

But pushing ahead with the original deal will likely prove difficult at this point, said Chye-Ching Huang, executive director of the Tax Law Center at the New York University School of Law. “It’s no doubt that this reduces the momentum,” she said.

She added: “There is a strong possibility that the major trading partners do this without the U.S. but the path forward is rockier.”

Manchin has also been an obstacle for Biden’s climate

change plans, a reflection of his outsize influence at a time when Democrats hold the narrowest of margins in the Senate.

A few months after taking office, Biden hosted a virtual conference with other world leaders, and he announced that he would increase the country’s target

for reducing greenhouse gas emissions.

The decision was welcomed by scientists and politicians who worry that enough isn’t being done to prevent the planet from warming to dangerous levels, and Biden has spoken of fighting climate change with “the power of our example.”

Biden’s ability to meet his pledge, however, has been undermined twice recently.

First the conservative majority on the Supreme Court limited the administration’s powers to regulate emissions, and then Manchin said he wouldn’t support new spending to support clean energy projects.

John Kerry, Biden’s global climate envoy, said earlier this month that the administration’s struggles could “slow the pace” of other countries’ emissions cuts.

“They’ll make their own analysis that will conceivably have an impact at what they decide to do or not,” he said.

Biden is trying to demonstrate that he’ll push forward on his own, without legislation, and he’s considering declaring a state of emergency that would allow him to shift more resources toward climate initiatives.

But his powers are limited, and hitting the target may prove difficult, if not impossible.

PAGE 10, Monday, July 25, 2022

THE TRIBUNE

Slump for tech chops off chunk of Wall Street’s winning week

By STAN CHOE AP Business Writer STOCKS slipped Friday, giving back some of their gains from earlier in the week as worries brewed about the global economy and prospects for profits at big internet companies.

The S&P 500 lost 0.9% to break a three-day rally that had carried Wall Street to its highest level in six weeks. The Nasdaq composite led the market lower with a 1.9% drop following worse-than-expected profit reports from Snap, Seagate Technology and other techoriented companies.

The Dow Jones Industrial Average held up better, slipping a more modest 0.4%. That was in large part because constituent American Express gave an encouraging earnings report and said its cardholders were spending more.

Sandwiched between last week’s dispiriting report on inflation and next week’s decision by the Federal Reserve on interest rates, the S&P 500 still delivered its best week in a month following a collection of mostly betterthan-expected reports on corporate profits. Falling yields in the bond market also helped, easing the pressure on stocks after expectations for rate hikes by the Fed sent yields soaring much of this year.

On Friday the two-year Treasury yield tumbled again, to 2.98% from 3.09%

late Thursday and from 3.14% a week ago, on worries about the economy. A report Friday morning indicated U.S. business activity may be shrinking for the first time in nearly two years, with service industries particularly weak.

“Manufacturing has stalled and the service sector’s rebound from the pandemic has gone into reverse, as the tailwind of pent-up demand has been overcome by the rising cost of living, higher interest rates and growing gloom about the economic outlook,” Chris Williamson, chief business economist at S&P Global Market Intelligence said in a statement accompanying the survey data.

Similar reports earlier in the morning also suggested weakness in Europe, underscoring how fragile the global economy is as central banks jack up interest rates in order to whip inflation. Higher rates make economic conditions more difficult, and too-aggressive hikes could cause a recession.

Friday’s reports are the latest to show parts of the economy are slowing more than expected.

While that raises the threat of a recession, it also has traders ratcheting back expectations for the Federal Reserve’s aggressiveness next week. Instead of a full percentage point, traders now see an increase in rates

STATUES adorn the facade of the New York Stock Exchange Thursday, July 14, 2022, in New York.

Stocks are drifting in mixed trading on Wall Street Friday, July 22, following weaker-than-expected readings on the economy and conflicting profit reports from some big companies.

Photo:John Minchillo/AP of 0.75 percentage point as the most likely outcome.

The 10-year Treasury yield fell to 2.76% from 2.91% late Thursday.

In the stock market, the company behind the Snapchat app tumbled 39.1% after it reported a worse loss and lower revenue for the spring than Wall Street forecast.

The weakness for Snap could mean pressure on other companies that depend on internet advertising, which also happen to be among Wall Street’s most influential stocks. The

“Manufacturing has stalled and the service sector’s rebound from the pandemic has gone into reverse, as the tailwind of pent-up demand has been overcome by the rising cost of living, higher interest rates and growing gloom about the economic outlook.”

Chris Williamson parent companies of both Facebook and Google are scheduled to report their earnings next week. The pair fell 7.6% and 5.6%

respectively on Friday, accounting for two of the heaviest weights on the S&P 500.

The S&P 500 lost 37.32 points to close at 3,961.63.

The Dow fell 137.61 to 31,899.29, and the Nasdaq fell 225.50 to 11,834.11.

Adding to the pain for tech, data storage company

Seagate Technology lost 8.1%. It said anti-COVID measures in Asia and slowing global economic conditions last quarter hit its results, which fell short of forecasts.

Verizon dropped 6.7% after its profit fell short of expectations, though its revenue squeaked past.

It also cut its forecast for earnings this year.

On the winning side was American Express, which rose 1.9% after it delivered better profit for the spring than analysts expected. It said customers spent more on travel and entertainment in April than they did before the pandemic, the first time that’s happened.

The encouraging data bolstered some recent comments from CEOs at big banks, who said their customers appear to be in solid financial shape despite all the worries about inflation and the economy.

Despite Friday’s drops for Wall Street, the S&P 500 still rose 2.5% for the week.

Besides the easing of Treasury yields through the week, dropping prices for crude oil and other commodities also provided some relief on the inflation front. They add to some signals suggesting inflation may be close to peaking, such as easing expectations for inflation in future years, said Nate Thooft, senior portfolio manager at Manulife Investment Management.

“Inflation is the most important thing,” he said.

“It’s not earnings, it’s not the Fed, it’s not interest rates themselves. It’s the uncertainty of inflation.”

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THE TRIBUNE

Monday, July 25, 2022, PAGE 11

ABOUT 2,500 BOEING WORKERS TO STRIKE AFTER REJECTING DEAL ST. CHARLES, MO. Associated Press ROUGHLY 2,500 Boeing workers are expected to go on strike next month at three plants in the St. Louis area after they voted Sunday to reject a contract offer from the plane maker.

The strike is planned to begin Aug. 1 at Boeing manufacturing facilities in St. Charles County, St. Louis County and Mascoutah, Illinois, after the International Association of Machinists and Aerospace Workers District 837 union voted down

the contract, according to the St. Louis Post-Dispatch.

"We cannot accept a contract that is not fair and equitable, as this company continues to make billions of dollars each year off the backs of our hardworking members," the union said.

Boing said in a statement that the Arlington, Virginia-based company is disappointed in the vote, but it will now use its "contingency plan to support continuity of operations in the event of a strike."

A Boeing spokesman said the company's contract offer

included competitive raises and a generous retirement plan that included Boeing matching employee contributions to their retirement plan up to 10% of their pay.

Boeing is expected to give an update on its finances this week when it releases its next quarterly earnings report on Wednesday.

Earlier this year, Boeing reported a $1.2 billion loss in the first quarter, but just last week the company announced that Delta Air Lines had ordered 100 of its 737 airplanes.

TRAFFIC drives in view of a Boeing Co. production plant, where images of jets decorate the hangar doors on April 23, 2021, in Everett, Wash. Roughly 2,500 Boeing workers are expected to go on strike the following month at three plants in the St. Louis area after they voted Sunday, July 24, 2022, to reject a contract offer from the plane maker.

Photo:Elaine Thompson/AP

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 92° F/33° C Low: 76° F/24° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Some sun, breezy; a p.m. t‑storm

Patchy clouds, a stray t‑storm late

A t‑storm in spots in the afternoon

Partly sunny and breezy

Breezy; an afternoon thunderstorm

A t‑storm in spots in the afternoon

High: 88°

Low: 79°

High: 89° Low: 80°

High: 90° Low: 79°

High: 88° Low: 78°

High: 87° Low: 79°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

98° F

84° F

98°-87° F

101°-86° F

97°-83° F

95°-84° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

almanac

E

W

ABACO

S

N

High: 88° F/31° C Low: 80° F/27° C

10‑20 knots

S

High: 90° F/32° C Low: 81° F/27° C

10‑20 knots

FT. LAUDERDALE

FREEPORT

High: 89° F/32° C Low: 81° F/27° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

TONIGHT

High: 92° F/33° C Low: 79° F/26° C

N

| Go to AccuWeather.com

High: 90° F/32° C Low: 80° F/27° C

MIAMI

High: 90° F/32° C Low: 80° F/27° C

8‑16 knots

KEY WEST

High: 89° F/32° C Low: 81° F/27° C

ELEUTHERA

NASSAU

High: 88° F/31° C Low: 79° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2022

High: 88° F/31° C Low: 79° F/26° C

N

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

6:15 a.m.

6:48 p.m.

2.2 3.0

12:34 a.m. 0.8 12:17 p.m. 0.5

Tuesday

7:00 a.m.

7:30 p.m.

2.3 3.0

1:19 a.m.

1:01 p.m.

0.7 0.5

Wednesday 7:43 a.m.

8:10 p.m.

2.3 3.1

2:00 a.m.

1:43 p.m.

0.7 0.4

Thursday

8:23 a.m.

8:48 p.m.

2.4 3.2

2:39 a.m.

2:24 p.m.

0.6 0.4

Friday

9:03 a.m.

9:24 p.m.

2.5 3.2

3:16 a.m.

3:03 p.m.

0.6 0.4

Saturday

9:41 a.m.

10:00 p.m.

2.6 3.2

3:52 a.m.

3:42 p.m.

0.5 0.5

Sunday

10:20 a.m.

10:36 p.m.

2.7 3.1

4:27 a.m.

4:22 p.m.

0.5 0.6

sun anD moon Sunrise Sunset

6:34 a.m. Moonrise 7:59 p.m. Moonset

3:43 a.m.

5:59 p.m.

New

First

Full

Last

Jul. 28

Aug. 5

Aug. 11

Aug. 19

CAT ISLAND

E

W

High: 87° F/31° C Low: 79° F/26° C

N

S

E

W

10‑20 knots

S

10‑20 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 77° F/25° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high ................................. 91° F/33° C Last year’s low ................................... 74° F/24° C Precipitation As of 2 p.m. yesterday ................................. 0.22” Year to date ............................................... 36.82” Normal year to date ................................... 18.45”

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 88° F/31° C Low: 79° F/26° C

High: 87° F/31° C Low: 81° F/27° C

N

High: 87° F/31° C Low: 77° F/25° C

S

LONG ISLAND

tracking map

High: 88° F/31° C Low: 79° F/26° C

H

E

W

10‑20 knots

MAYAGUANA High: 88° F/31° C Low: 81° F/27° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 87° F/31° C Low: 79° F/26° C

High: 88° F/31° C Low: 78° F/26° C

GREAT INAGUA High: 89° F/32° C Low: 80° F/27° C

N

E

W

E

W

N

S

S

12‑25 knots

12‑25 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS SE at 10‑20 Knots SE at 10‑20 Knots E at 10‑20 Knots ESE at 10‑20 Knots ESE at 10‑20 Knots ESE at 12‑25 Knots ESE at 12‑25 Knots ESE at 15‑25 Knots ESE at 10‑20 Knots ESE at 12‑25 Knots ESE at 8‑16 Knots SE at 8‑16 Knots SE at 10‑20 Knots ESE at 12‑25 Knots E at 12‑25 Knots E at 15‑25 Knots ESE at 12‑25 Knots ESE at 15‑25 Knots ESE at 12‑25 Knots ESE at 12‑25 Knots ESE at 10‑20 Knots SE at 12‑25 Knots E at 12‑25 Knots ESE at 15‑25 Knots SE at 10‑20 Knots ESE at 12‑25 Knots

WAVES 4‑7 Feet 4‑7 Feet 1‑2 Feet 1‑2 Feet 4‑7 Feet 4‑7 Feet 4‑7 Feet 4‑8 Feet 4‑7 Feet 4‑7 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 1‑3 Feet 3‑5 Feet 3‑6 Feet 3‑6 Feet 4‑7 Feet 5‑9 Feet 5‑9 Feet 1‑3 Feet 2‑4 Feet 3‑6 Feet 4‑8 Feet 1‑3 Feet 2‑4 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 4 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles

WATER TEMPS. 85° F 85° F 86° F 86° F 85° F 85° F 84° F 84° F 85° F 84° F 86° F 86° F 85° F 84° F 84° F 84° F 84° F 84° F 84° F 84° F 85° F 85° F 84° F 84° F 84° F 84° F

PAGE 12, Monday, July 25, 2022

THE TRIBUNE

YELLEN DOWNPLAYS US RECESSION RISK AS ECONOMIC REPORTS LOOM

By CHRISTOPHER RUGABER AP Economics Writer

WASHINGTON (AP) — Treasury Secretary Janet Yellen on Sunday said the U.S. economy is slowing but pointed to healthy

hiring as proof that it is not yet in recession.

Yellen spoke on NBC’s “Meet the Press” just before a slew of economic reports will be released this week that will shed light on an economy currently besieged by rampant inflation and threatened

by higher interest rates.

The data will cover sales of new homes, consumer confidence, incomes, spending, inflation, and overall output.

The highest-profile report will likely be Thursday, when the Commerce Department will release

its first estimate of the economy’s output in the April-June quarter. Some economists forecast it may show a contraction for the second quarter in a row.

The economy shrank 1.6% in the January-March quarter. Two straight negative readings is considered an

informal definition of a recession, though in this case economists think that’s misleading.

Instead, the National Bureau of Economic Research — a nonprofit group of economists — defines a recession as “a significant decline in economic activity that is spread across the economy and lasts more than a few months.”

Yellen argued that much of the economy remains healthy: Consumer spending is growing, Americans’ finances, on average, are solid, and the economy has added more than 400,000 jobs a month this year, a robust figure. The unemployment rate is 3.6%, near a half-century low.

“We’ve got a very strong labor market,” Yellen said.

“This is not an economy that’s in recession.”

Still, Yellen acknowledged the economy is “in a period of transition in

which growth is slowing,” from a historically rapid pace in 2021.

She said that slowdown is “necessary and appropriate,” because “we need to be growing at a steady and sustainable pace.”

Slower growth could help bring down inflation, which at 9.1% is the highest in two generations.

Still, many economists think a recession is on the horizon, with inflation eating away at Americans’ ability to spend and the Federal Reserve rapidly pushing up borrowing costs.

Last week, Bank of America’s economists became the latest to forecast a “mild recession” later this year.

And Larry Summers, the treasury secretary under President Bill Clinton, said on CNN’s “GPS” Sunday that “there’s a very high likelihood of recession,” as the Fed lifts interest rates to combat inflation.